I find Da Silvano to be the most over-rated Italian restaurant in New York. If it wasn't for Calvin and Dianne Von Furstenburg and Barry Diller eating here every night, I think it would sink like a lead balloon. It is to me standard theatre-district Italian fare with buzz, noise, celebs and high prices.
Bar Pitti next door is so much better...the real thing with an even cooler host and the nicest wait-staff. Super-authentic and super-reasonable. It gets pretty crowded but it's worth the wait. And while you're eating your delicious meal (recs: filetto di manzo, white bean and tuna app, sardines, liver on tuscan bread, orata, and an amazing torta della nonna--almond lemon cake), you can watch Calvin and DVF and Barry walk into Da Silvano if that's your scene.